Business
Geosim financing update
Geosim financing update.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n Brainspark PLC\n31 December 2007\n\n\n\n\n\nFor immediate release 31 December 2007\n\n\n Brainspark plc ('Brainspark' or the 'Company')\n\nGeosim Systems Limited ('Geosim') already secures $ 1,035,000 in a new $3M round\nof financing.\n\n\nFurther to the announcement of 24 September 2007, Brainspark is today announcing\nthat GeoSim (www.geosim.co.il), the 3D city technology and modelling producer, in\nwhich Brainspark has a holding, has raised already from investors in America\n$1,035,000 (£520,579 ) of the current round of $3,000,000 (£1,508,925) at a\npre-money valuation of $22,000,000 (£11,065,452).\n\nAfter the exercise of approved ESOP and post conversion by Crash LLC of their\noptions and 'Bonus Warrants' Brainspark fully diluted will be interested in\n(39.53%) of GeoSim. On full subscription of the remaining $1,965,000 of the\ncurrent $3,000,000 (£1,508,925) round, the holding by Brainspark in Geosim will\nbe diluted to (34.7%).\n\nAt a GeoSim valuation of $22,000,000 (£11,065,452) Brainspark's (37.40%) equity\nheld in GeoSim is valued at $8,228,000 (£4,138,479). This alone is equivalent to\n1.25p per share. The value of GeoSim in the books (Balance Sheet) of Brainspark \nis £1.83 million.\n\nGeosim has developed a unique 3D city modelling technology. Applications include\nurban planning and development, tourism, estate agency, law enforcement,\nadvertising, entertainment and the security and rescue services. The new\nPhiladelphia 3D online website is due for launch before year-end.\n\n\n\n\n\nFor further information please contact:\n\nBrainspark plc 00 39 335 296573\nFrancesco Gardin\n\nBeaumont Cornish Limited 0207 628 3396\nRoland Cornish\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n D\nMSCKGMFZMMFGNZM \n ","length":2058,"tagName":"div"}]